hmm is it converted using a proper 16v wiring loom, or was it hacked together?
There should be 2 blackred wires as you say, 1 is for the rev counter the other is for the ISV controller. This connects to the coil from a second wire hanging out of the rev counter wire with a spade plug on the end. Have a look at the 16v setup how2 there is a good pic of it in there.
If it has been bodged in you might have 2 wiring looms side by side, need to figure out which wire actually runs to the fusebox.
Swappign the clocks might help as it could be they're broke, but this wont give you the MFA on its own you'll need all the MFA loom to go with it, which may or may not be there depending how well the conversion was carried out.